Your old phone could be part of a $150 billion opportunity

In recent years, mobile phone sales have slowed down, with consumers hanging on to their devices for about a year longer than they did a decade ago. More and more people are turning to the growing market for used and refurbished phones.

A whopping 85% of people around the globe now say sustainability plays a big role in their phone-buying decisions, even more so than factors like design (73%) or AI features (67%). In France, for example, one out of every six phones sold last year was refurbished. In India, more than half of those surveyed said they’d consider a refurbished phone for their next purchase. And globally, two-thirds of consumers admitted that their current or previous device had needed repairs.

The market for refurbished phones and repair services is projected to hit over $150 billion by 2027, opening up fresh revenue streams for manufacturers and telecom providers. Building more durable and repair-friendly devices not only boosts customer loyalty but also improves brand reputation, especially among eco-conscious consumers and investors.

In 2024, more than 1.2 billion new smartphones were sold, pumping out over 60 million tons of CO2 during the manufacturing process. The UN has highlighted that e-waste is costing the world $78 billion annually in environmental and health damages. However, repairing and refurbishing devices can drastically reduce e-waste, cutting emissions by as much as 90% compared to making brand-new phones.

And some smartphone brands are already making moves toward circularity. Fairphone’s Fairphone 5 and HMD’s HMD Skyline are great examples of companies thinking long-term. Big names like Samsung and Apple are also working to make their supply chains greener and improving the eco-design of their products.